Iowa movie industry receives a boost from tax credits
Posted on Monday, August 31st, 2009 at 3:47 am
The Iowa business entertainment industry has received a boost from a two-year-old tax incentive. The incentive adopted in 2007 gives tax breaks to film projects.
Because of the incentive, more than 20 film projects in Iowa have benefited from $32 million in tax credits. Although the tax credit translates into a loss in direct tax revenue, the additional business has generated a net surplus of $810,000 for state revenue, according to a state economic analysis.
Other economists suggest that the tax credits have not only led to a net surplus in overall tax revenue but also have boosted total gross domestic product and employment figures.
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